Is Covington, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Covington has remained a Seller's Market.
Key Takeaway
Covington is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Covington, WA
How much do homes in Covington, WA cost?
Median Sold Price
$645,000
$337/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Covington have sold for 0.8% less than they did a year ago.
Summary: The median home sold price in Covington was $645,000 in May 2024, down 0.8% from last year, and the median price per square foot was $337.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $625K | - | N/A |
| 2 Bedrooms | $425K | $440K | +3.5% |
| 3 Bedrooms | $560K | $582.4K | +4.0% |
| 4 Bedrooms | $711.2K | $750K | +5.4% |
| 5+ Bedrooms | $760K | $825K | +8.6% |
Summary: Covington housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.5%, 3 bedroom homes increased by 4%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes increased by 8.6%.
Median Sold Price Compared To Nearby Cities
| Kent | $599.9K | $644.6K | +7.4% |
| Tahoma-Maple Valley | $700.1K | $721K | +3.0% |
| Maple Valley | $740.3K | $759.2K | +2.6% |
| Covington | $650K | $645K | -0.8% |
Housing Supply in Covington, WA
How many homes are available in Covington, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 81 | 93 | +14.8% |
Summary: The Covington real estate market had 93 homes for sale in May 2024, a 14.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 2 | 1 | -50.0% |
| 3 Bedrooms | 35 | 45 | +28.6% |
| 4 Bedrooms | 30 | 31 | +3.3% |
| 5+ Bedrooms | 14 | 15 | +7.1% |
Summary: The Covington housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes increased by 7.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 29 | 24 | -17.2% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Covington, you could pay more than the asking price. 41.7% of homes here sold above asking price last month.
Summary: A total of 24 homes were sold or pending in Covington in May 2024, down by 17.2% month-over-month. Of the 24 sold homes, 21% were sold under asking, 38% were sold at asking, and 42% were sold over asking.
Days on Market for Covington, WA
How long does it take to sell a home in Covington, WA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 22 Days | -1.8% |
Summary: Homes in Covington had an average of 22 days on market in May 2024, down by 1.8% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Covington are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 24 homes were sold in Covington; 83% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
Listings courtesy of Northwest Multiple Listing Service as distributed by MLS GRID.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest MLS IDX. Real estate listings held by other brokerage firms are marked with the green "three trees" logo and includes the name of the listing broker(s). Copyright © 2024 Northwest MLS. All rights reserved.